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TPx Communications, Pensare cancel planned merger

U.S. TelePacific Holdings Corp., which does business as TPx Communications, and Pensare Acquisition Corp. agreed to mutually terminate their proposed cash-and-stock merger, effective immediately.

The companies had agreed in February to merge in a deal reflecting an enterprise value of approximately $1.1 billion.

Pensare, a special-purpose acquisition company, said it plans to continue to pursue a merger.